The office market remains in transition. While Class A buildings continue to attract demand, many Class B properties are still navigating higher vacancies, rising operating costs, and changing tenant expectations. Owners and operators are under pressure to modernize operations and deliver better experiences without relying on costly, structural overhauls.
That context helps explain why Lead Edge Capital invested $72 million in Cove as part of one of the largest office-focused proptech investments of 2025, an investment highlighted in CNBC’s Property Play newsletter, where Diana Olick covers how capital is flowing into office technology that delivers real operational value.
In a recent CNBC Prop Tech Talk, Cove was featured for its approach to building operations technology and its role in helping office properties compete in a challenging market. Rather than relying on disconnected point solutions, Cove brings tenant engagement and building operations together in a single, unified platform.
By consolidating work orders, visitor access, payments, maintenance, and operational insights into one system, Cove gives owners and operators a clearer, more complete view of what’s happening inside their buildings. That unified foundation allows Cove’s AI to see what’s happening in every building, at any time, across entire portfolios, creating a data foundation that enables AI insights to compound for years to come. As Diana Olick notes in the CNBC Property Play coverage, this kind of operational visibility is increasingly critical as owners look for practical ways to adapt existing buildings.
Today, Cove is used across more than 540 million square feet of commercial space, including roughly 10 percent of New York City office buildings, and supports properties across office, life science, retail, industrial, and medical sectors.
As Cove co-founder and CEO Adam Segal explains in the CNBC feature, the company’s focus has been on simplification at scale. In many cases, Cove replaces three to five separate systems with a single platform built for how modern buildings actually operate.
The CNBC coverage highlights how that earlier investment is being put to work now, as owners and operators look for practical, data-driven ways to adapt their buildings and stay competitive in an evolving market.